Overview of Mikhail Shishkhanov
Mikhail Shishkhanov, a Russian businessman and financier with a banking background, served as the main shareholder of Russian Binbank until the Russian central bank took control in September 2017, resulting in the loss of his assets. Residing in Moscow, Russia, Shishkhanov is a family man with a wife and four children. Beyond his professional pursuits, he finds enjoyment in chess and boxing. Despite facing challenges in his financial journey, Mikhail Shishkhanov Assets remains a figure of resilience and diverse interests.
Shishkhanov engaged in diverse business ventures and held key positions in notable companies such as B&N Bank and Rost Bank. His impactful contributions to the banking industry have earned him numerous awards and honors.
Diverse Portfolio of Mikhail Shishkhanov Assets
Shishkhanov’s role as the main shareholder of the Russian Binbank
Mikhail Shishkhanov held a pivotal role as the main shareholder of Russian Binbank until September 2017. Unfortunately, the bank underwent a takeover by the Russian central bank during that time, leading to Shishkhanov’s loss of both the bank and all associated assets. Before this development, he also served as the owner of ROST Bank. These positions as the main shareholder of Binbank and owner of ROST Bank marked key milestones in his banking career.
Ownership of ROST Bank until 2017
Until 2017, Mikhail Shishkhanov owned ROST Bank. However, in September of the same year, the Russian central bank, as part of a financial rescue package, acquired ROST Bank and several other banks. Consequently, Shishkhanov ceased to be the owner of ROST Bank following its acquisition by the Russian central bank.
Chairman of the Board of Directors at B&N Bank
Mikhail Shishkhanov served as the Chairman of the Board of Directors at B&N Bank until May 28, 2017. He then stepped down to dedicate his efforts to the Safmar group. B&N Bank also recognized as Binbank, held a prominent position as one of Russia’s largest commercial banks, with Shishkhanov playing a pivotal role in its leadership.
However, the landscape shifted significantly in 2017 when the Central Bank of Russia nationalized B&N Bank. Subsequently, in 2018, the bank underwent a merger with Otkritie Financial Corporation Bank. This series of events marked a transformative period in Shishkhanov’s career and the banking sector.
Impact on Shishkhanov’s position, wealth, and overall financial standing
The financial landscape for Mikhail Shishkhanov took a drastic turn in 2023, marked by a significant impact on his wealth and overall standing. Here are key points outlining the repercussions:
- Loss of Key Assets and Forbes Status:
- Shishkhanov suffered a substantial setback as he lost control of banks, industrial assets, and consequently, his place on the Forbes list of the wealthiest entrepreneurs.
- Central Bank Takeover in 2017:
- In September 2017, the Russian central bank forcefully took control of Binbank, leading to Shishkhanov’s forfeiture of the bank and the entirety of his assets.
- Bankruptcy Declaration and Enormous Debt:
- On July 3, 2023, the Arbitration Court of the Moscow Region declared Shishkhanov bankrupt, imposing a staggering debt of 853 billion rubles.
- Plummeting Net Worth:
- From a net worth of $2.3 billion in 2017, Shishkhanov’s financial standing plummeted into negative figures due to the ramifications of his bankruptcy.
- Loss of Prominent Positions:
- Shishkhanov relinquished his roles as the main shareholder of Russian Binbank and the Chairman of the Board of Directors at B&N Bank.
- Court-Ordered Asset Liquidation:
- To address the colossal debt, Shishkhanov’s remaining assets were mandated to be sold, further compounding the impact on his financial stability.
In essence, Shishkhanov’s standing in the banking industry and overall financial health suffered a severe blow through the loss of assets, bankruptcy, and the subsequent court-directed sale of his remaining holdings.
Bankruptcy and Debt Charges in 2023
On July 3, 2023, the Arbitration Court of the Moscow Region declared Mikhail Shishkhanov bankrupt, attributing a debt of 853 billion rubles to him. Shishkhanov’s representative stated that his outstanding obligations to creditors are a staggering 12 thousand times the value of his assets. Presently, Shishkhanov is not engaged in any work and lacks income sources.
In response to the court’s ruling, there was an order to sell his remaining property to settle the debt. Consequently, Shishkhanov’s net worth, which was $2.3 billion in 2017, plummeted into negative territory due to the bankruptcy. This declaration has profoundly impacted Shishkhanov’s financial standing and overall wealth.
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